Rental Vacancy Rate Declines in Peterborough

TORONTO, ONTARIO--(Marketwire - Dec. 9, 2010) - Canada Mortgage and Housing Corporation released its Rental Market Report for the Peterborough CMA today. Highlights of the 2010 Rental Market Report for this CMA are as follows:

The average vacancy rate in Peterborough dropped to 4.1 per cent from six per cent in October 2010.

After record high vacancies last year, rental demand jumped this year since fewer renters moved to homeownership.

On the basis of a sample of structures common to both the 2009 and 2010 surveys, Peterborough's apartment average rent grew by 1.4 per cent.

"Rental demand strengthened in Peterborough this year mostly due to less movement to homeownership by renters, an inflow of temporary workers for major infrastructure projects and an increase in the number of students," noted Abdellah Massaoudi, CMHC Market Analyst for the Peterborough area. "Rents increased at a slow pace, which also supported rental demand," added Massaoudi.

As Canada's national housing agency, CMHC draws on more than 60 years of experience to help Canadians access a variety of quality, environmentally sustainable and affordable homes. CMHC also provides reliable, impartial and up-to-date housing market reports, analysis and knowledge to support and assist consumers and the housing industry in making vital decisions. For more information, visit www.cmhc.ca or call 1 800 668-2642.